MIRA INFORM REPORT

 

Business information report

 

1. Summary Information

 

 

Country

India

Company Name

SHAH POLYMERS

Principal Name 1

Mr. Mukesh Shah

Status

Satisfactory

Principal Name 2

Mr. Deepak Shah

 

 

Registration #

----

Street Address

No. 1, MSR Industrial Estate, Gokula, Bangalore – 560 054, Karnataka

Established Year

1985

SIC Code

----

Telephone#

91-80-23608924

Business Style 1

Trader

Fax #

91-80-23603905

Business Style 2

Distributor

Homepage

www.shahpolymers.com

Product Name 1

Engineering Plastics Granules

# of employees

100

Product Name 2

---

Paid up capital

----

Product Name 3

---

Shareholders

----

Banking

Standard Chartered Bank

Public Limited Corp.

NO

Business Period

26 years

IPO

NO

International Ins.

----

Public Enterprise

NO

Rating

Ba (50)

Related Company

Relation Sister Concerns

Country India

Company Name

Tuflite Polymers Limited

Note

-

 

2. Summary Financial Statement

Balance Sheet as of

31.03.2010

(Unit: Indian Rs.)

Assets

Liabilities

Current Assets

NA

Current Liabilities

NA

Inventories

NA

Long-term Liabilities

NA

Fixed Assets

NA

Other Liabilities

NA

Deferred Assets

NA

Total Liabilities

NA

Invest & other Assets

NA

Retained Earnings

NA

 

 

Net Worth

NA

Total Assets

NA

Total Liabilities & Equity

NA

 Total Assets

(Previous Year)

NA

 

 

P/L Statement as of

31.03.2010

(Unit: Indian Rs.)

Sales

840,000,000

Net Profit

NA     

Sales(Previous year)

810,117,000

Net Profit (Previous year)

 16,645,000

 

MIRA INFORM REPORT

 

 

Report Date :

30.04.2011

 

IDENTIFICATION DETAILS

 

Name :

SHAH POLYMERS

 

 

Registered Office :

No. 1, MSR Industrial Estate, Gokula, Bangalore – 560 054, Karnataka

 

 

Country :

India

 

 

Financials (as on) :

31.03.2010

 

 

Year of Establishment :

1985

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

BLRS15790F

 

 

PAN No.:

[Permanent Account No.]

AAFFS4437A

 

 

Legal Form :

Partnership concern with an unlimited liability of the partners.

 

 

Line of Business :

Trader, Distributor and Importer of Engineering Plastics Granules, Polycarbonate Sheets, Vinyls Banners.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (50)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 239000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established partnership concern having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments.

 

The concern can be considered normal for business dealings at usual trade terms and conditions.

 

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List – April 1, 2010

 

Country Name

Previous Rating

(31.12.2009)

Current Rating

(01.04.2010)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

INFORMATION PARTED BY

 

Name :

Mr. Radha Krishanan 

Designation :

Office Incharge 

Date :

28.04.2011

 

 

LOCATIONS

 

Registered Office :

No. 1, MSR Industrial Estate, Gokula, Bangalore – 560 054, Karnataka

Tel. No.:

91-80-23608924/25/26/27/28

Mob. No.:

91-9986024360 (Mr. Vishwanath)

Fax No.:

91-80-23603905

E-Mail :

business@shahpolymers.com

Website :

www.shahpolymers.com

Area :

5000 sq.fts.

Location :

Rented

 

 

Branch 1:

No.3/1, Tannery Street, Cantonment, Pailavaram, Chennai – 600 043, Tamilnadu

Tel. No.:

91-44-22641973/22641103

Fax. No.:

91-44-22641103

E-Mail:

chennai@shahpolymers.com

Area :

5000 sq.fts.

Location :

Rented

 

 

Branch 2:

No.1, Vivek Industrial Estate, Walbhat Lane, Behind Nirlon, Goregaon (East), Mumbai – 400 063, Maharashtra

Tel. No.:

91-22-39461154

Fax. No.:

91-22-39461154

E-Mail:

mumbai@shahpolymers.com

Area :

4000 sq. ft.

Location :

Rented

 

 

Branch 3:

No.14, A/7 WEA China  market, Kari Bash, New Delhi-110005

Tel no.:

91-11-25862119

Area :

2000 sq. ft.

Location :

Rented

 

 

Godown :

ACC Industrial Shed, No.21/3, 4th Main, 1st Cross, Yeshwanthpur, Bangalore, Karnataka

Tel. No.:

91-80-40063000

Fax No. :

91-80-23603905

Area :

5000 Sq. ft.

 

 

PARTNERS

 

Name :

Mr. Mukesh Shah

Designation :

Partner

Address :

Bangalore, Karnataka             

Date of Birth/Age :

02.10.1964

Qualification :

BBM

 

 

Name :

Mr. Deepak Shah

Designation :

Partner

Address :

Bangalore, Karnataka             

Date of Birth/Age :

04.09.1966

Qualification :

B.Com

 

 

Name :

Mr. Shashikanth Shah

Designation :

Partner

Address :

1st Block, Bangalore, Karnataka, India

Date of Birth/Age :

03.11.1941

 

 

Name :

Mrs. Indira Shah

Designation :

Partner

Address :

RMV 2nd Stage, Bangalore, Karnataka, India

Date of Birth/Age :

01.12.1945

 

 

Name :

Mrs. Neeta Shah

Designation :

Partner

Address :

Bangalore – 560 094, Karnataka, India

Date of Birth/Age :

16.10.1966

Qualification:

Graduate

 

 

Name :

Mrs. Divya Shah

Designation :

Partner

Address :

Karnataka, India

Date of Birth/Age :

02.08.1967

Qualification:

Graduate

 

 

KEY EXECUTIVES

 

Name :

Mr. Vishwanath

Designation :

Account Manager

Contact No.:

91-9986024360

 

 

Name :

Mr. Radha Krishanan 

Designation :

Office Incharge 

 

 

BUSINESS DETAILS

 

Line of Business :

Trader, Distributor and Importer of Engineering Plastics Granules, Polycarbonate Sheets, Vinyls Banners.

 

 

Products :

·         Polycarbonates

·         PBT Resins

·         ABS Resins

·         PVC Resins

·         Polyacetals

·         Polypropylene

·         Alloys and Blends

·         Tuflite Polycarbonate Sheets

·         LG Vinyls

·         LG Flex

·         LG Banners

 

 

Agencies Held :

Plastiblends (India) Limited

 

 

Exports :

 

Products :

Raw Material, Sheets  

Countries :
  • South Africa
  • Taiwan

 

 

Imports :

 

Products :

Engineering Plastics

Countries :

·         Korea

·         Taiwan

·         Singapore

·         Malaysia

 

 

Terms :

 

Selling :

L/C

 

 

Purchasing :

L/C

 

 

GENERAL INFORMATION

 

Suppliers :
  • Reliance
  • LG
  • TileronTuflite
  • Omay

 

 

Customers :

·         OEM’s

·         Manufacturer

 

 

No. of Employees :

100

 

 

Bankers :

Standard Chartered Bank, M G Road, Bangalore, Karnataka, India

 

 

Facility :

Cash Credit Rs. 20.000 millions 

Letter of Credit – Rs. 110.000 millions

 

 

Banking Relations :

---

 

 

Auditors :

 

Name :

Patel Mohan Ramesh and Company

Chartered Accountants

Address :

No.8, AM Road, II Floor, Journalist Colony, Bangalore – 560 002, Karnataka

Tel. No.:

91-80-26704298 / 26709331

Fax No.:

91-80-26704296

E-Mail :

sai_shyam@vsnl.com

 

 

Sister Concerns :

Tuflite Polymers Limited, No. 1, MSR Industrial Estate, Gokula, No.1, Gokula MSR, Industrial Area, Bangalore – 560 054, Karnataka, India

Line of Business: Trader of Engineering Plastics Granules

 

 

CAPITAL STRUCTURE

 

Capital Investment :

 

Owned :

Rs.100.000 millions (Estimated)

Borrowed :

---

Total :

Rs.100.000 millions (Estimated)

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

Particulars

 

 

 

31.03.2010

Sales Turnover (Approximately)

 

 

840.000

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2009 

31.03.2008 

31.03.2007

SHAREHOLDERS FUNDS

 

 

 

1] Partners Capital

59.873 

52.284 

50.622

2] Share Application Money

0.000 

0.000 

0.000

3] Reserves & Surplus

0.000 

0.000 

0.000

4] (Accumulated Losses)

0.000 

0.000 

0.000

NETWORTH

59.873 

52.284 

50.622

LOAN FUNDS

 

 

 

1] Secured Loans

35.796 

1.401 

3.737

2] Unsecured Loans

6.535 

9.875 

10.577

TOTAL BORROWING

42.331 

11.276 

14.314

DEFERRED TAX LIABILITIES

0.000 

0.000 

0.000

Bank OCC Account

0.000 

39.338 

34.723

Branch/ Division

·         Bangalore

·         Chennai

·         Mumbai

 

0.000

0.000

0.000

 

6.414

59.055

0.000

 

10.869

21.197

0.911

 

 0.000

65.469 

32.977

TOTAL

102.204 

168.367 

132.636

 

 

 

 

APPLICATION OF FUNDS

 

 

 

FIXED ASSETS [Net Block]

14.828 

 7.364

6.888

Capital work-in-progress

0.000 

0.000 

0.000

 

 

 

 

INVESTMENT

0.000

0.000 

0.700

DEFERREX TAX ASSETS

 0.000

0.000 

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories

70.240 

 42.501

42.140

 

Sundry Debtors

160.965 

 150.938

73.854

 

Cash & Bank Balances

4.536 

 9.675

2.726

 

Other Current Assets

0.151 

 21.392

17.630

 

Loans & Advances

52.300

 41.892

26.696

Total Current Assets

288.192

266.398

163.046

Less : CURRENT LIABILITIES & PROVISIONS

 

 

 

 

Current Liabilities

196.320 

171.389

70.954

 

Provisions

4.576 

0.184

0.120

Total Current Liabilities

200.896 

 171.573

71.074

Net Current Assets

87.296

 94.825

91.972

 

 

 

 

Branch/ Division

  • Bangalore
  • Chennai
  • Mumbai
  • Pune

 

0.000

0.000

0.000

0.000

 

43.478

0.000

21.991

0.000

 

19.781

0.020

9.170

4.006

 

 0.000

65.469 

32.977

MISCELLANEOUS EXPENSES

0.080

0.709 

0.099

 

 

 

 

TOTAL

102.204

168.367 

132.636

 

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

31.03.2009

31.03.2008

 

31.03.2007

Sales Turnover

810.117

565.929

355.437

Other Income

 7.895

13.049

0.000

Total Income

 818.012

578.978

355.437

 

 

 

 

Net Profit for the year

 16.645

12.658 

2.191

 

 

 

 

Expenditures :

 

 

 

 

Cost of Good Sold

582.723

397.387

0.000

 

Administrative Expenses

 20.019

18.092 

14.308

 

Financial Expenses

 33.460

11.423 

6.053

 

Selling Expenses

 16.617

19.907 

14.191

 

Managerial Remuneration

NA 

NA 

1.000

 

Interest

NA 

NA 

2.888

 

Depreciation & Amortization

 1.373

1.134 

1.306

 

Other Expenditure

 147.175

118.377

314.000

Total Expenditure

 801.367

566.320

353.746

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2009 

31.03.2008 

31.03.2007

Debt Equity Ratio

(Total Liability/Networth)

 

4.06

3.49

4.02

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.43

1.55

2.29

 

 

LOCAL AGENCY FURTHER INFORMATION

 

COMPANY PROFILE:

 

Established in 1986, Subject is fast emerging as a dominant player in India’s corporate firmament with diverse business interests ranging from developing and marketing Engineering Plastics, Commodity Plastics, Advertising Materials and manufacturing and marketing superior quality Polycarbonates Sheets for the building and construction industry.

 

TRADE REFERENCE:

 

·         Tuflite Polymers Limited

·         Shahi Polymers

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

 

2]         Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

 

3]         Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

 

4]         Record on Financial Crime :

            Charges or conviction registered against subject:                                                              None

 

5]         Records on Violation of Anti-Corruption Laws :

            Charges or investigation registered against subject:                                                          None

 

6]         Records on Int’l Anti-Money Laundering Laws/Standards :

            Charges or investigation registered against subject:                                                          None

 

7]         Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

 

8]         Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

 

9]         Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

 

10]        Press Report :

            No press reports / filings exists on the subject.

 

 

CORPORATE GOVERNANCE

 

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

 

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

 

 

CONTRAVENTION

 

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.38

UK Pound

1

Rs.73.87

Euro

1

Rs.65.83

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

--PROFITABILIRY

1~10

6

--LIQUIDITY

1~10

6

--LEVERAGE

1~10

5

--RESERVES

1~10

6

--CREDIT LINES

1~10

5

--MARGINS

-5~5

---

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

YES

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

50

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

-

NB

                                       New Business

-

 

 

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.